Nepal Infrastructure Bank (NIFRA) Clarify About Lock-In Period

There's been some confusion about the news on the end of the lock-in period for promoters' shares of Nepal Infrastructure Bank (NIFRA), published in the Daily Business on Magh 10, 2080. Let's clear things up.

According to the BAFIA 2073 (Act on Banks and Financial Institutions 2073), there's a rule that promoters' shares can't be sold or mortgaged for at least five years after the operataion of the company. The law also says that one month before this lock-in period ends, everyone involved needs to be informed. This rule comes from a letter (number 80/81, challan no. 1523) by the Securities Board of Nepal (SEBON) dated Mangsir 25, 2080.

Even when the lock-in period is over, promoters can trade their share by getting approval from Nepal Rastra Bank, following the rules in Section 11 of the Financial Institutions Act 2073, to keep these shares within the same promoters' group. This is to make sure things go smoothly and everyone follows the set guidelines.